Institutional Property Advisors (IPA), a division of Marcus & Millichap, dedicated to serving the company’s institutional clients, announced the sale and financing of Avana Desert View, a 412-unit multifamily property in Scottsdale, Arizona.
“Avana Desert View’s North Scottsdale location places it at the center of one of the Phoenix metro’s institutionally preferred submarkets,” said Steve Gebing, IPA executive managing director. “Renting at the community is 78% less expensive than owning a home in Scottsdale.” Gebing and IPA executive managing director Cliff David represented the seller, Greystar, and procured the buyer, Knightvest. Brian Eisendrath, Cameron Chalfant, and Tyler Johnson of IPA Capital Markets arranged five years of interest-only acquisition financing. “We are pleased to have assisted the sponsor with the closing of Avana Desert View, which is a phenomenal addition to their portfolio within the Phoenix MSA,” said Johnson. “The superior terms provided by the lender exemplify how the agencies are providing aggressive capital for strong, repeat sponsors, demonstrating their confidence in well-positioned assets regardless of specific mission-driven criteria.”
Avana Desert View is a two- and three-story property built in 1996 on 18.5 acres. Community amenities include two swimming pools and spas, a playground, and a sand volleyball court. Apartments have washers and dryers, stainless steel appliances, and walk-in closets.
Camelback Mountain and Piestewa Peak are nearby, and shopping, dining and entertainment are within proximity at Kierland Commons, Scottsdale Quarter, PV Phoenix, and Desert Ridge Marketplace. Scottsdale’s major employers include HonorHealth, The Vanguard Group, CVS, and General Dynamics.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2023, the Company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
Institutional Property Advisors (IPA) is a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios.
